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The Self Assessment Tax Deadline Is Coming: 31st January

admin In Personal Finance
Posted January 11, 2012 by admin

Are you one of the four million taxpayers that hasn’t filed a tax return? That was the rough figure at the start of January, leaving only 31 days for millions of people to let HMRC know how much tax they owe.
The tax man is all too aware of this and has recently increased the penalty amount applicable for late returns. From this year, in addition to the £100 for late filing, you would also be charged £10 a day after three months up to a limit of £900.
The self assessment tax deadline

The self assessment tax deadline is 31st Jan and you'll need a PIN code

Add to this another £300 fine that can be issued after six months and a further £300 after 12 months and you could owe a potential £1,600 in fines for a missed return. But what if you can’t afford to pay or you were hoping for a PPI claims payout to cover the amount owed? If you are registered for self-assessment, and cannot cover your tax bill, then do have options.

The Business Payment Support Service is available to businesses and individuals and has the ability to defer your tax payment to a later date. To be eligible for support you must be a viable tax payer and not in any danger of insolvency or bankruptcy.

So, from today 11th January you have 20 days to file your return and remember: you’ll need a PIN to login to the HMRC self assessment section of the website. If you don’t have you it can take up to 7 days to arrive by post, so best request one now.

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